Elon Musk Bails On Twitter

It now appears that Tesla CEO Elon Musk has just alerted the world that his deal to purchase Twitter and take the company private has been put on hold because of new information regarding just how many Twitter accounts are actually bots on the platform.

According to CNN, after Musk’s announcement Twitter’s shares plunged by more than 20% in pre-market causing panic for the business.

“Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users,” Musk said on Twitter.

Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of usershttps://t.co/Y2t0QMuuyn

— Elon Musk (@elonmusk) May 13, 2022

Musk then linked an article to Reuters which found that Twitter “estimated in a filing on Monday that false or spam accounts represented fewer than 5% of its monetizable daily active users during the first quarter.”